NEW YORK, Jan. 6, 2005 (PRIMEZONE) -- Principals of The Jordan Company and its affiliates ("Jordan") today announced that Permatex Inc. ("Permatex"), a company formed by Jordan, has completed its merger with a subsidiary of Illinois Tool Works Inc. ("ITW") (NYSE:ITW). As a result of the merger, Jordan has sold its entire interest in Permatex. Terms of the transaction were not disclosed.
Jonathan F. Boucher, Senior Principal of Jordan remarked, "We are proud to have been associated with the Permatex management team. Over the past five years, they successfully launched a new industrial product line for the maintenance, repair and operations ("MRO") distribution channel and aggressively grew their international sales while steadily serving their core North American automotive aftermarket customer base. We believe that ITW's acquisition of Permatex will further accelerate the Company's growth into the general industrial and international markets and increase the breadth of the Permatex product line available for its customers."
With annual revenues of more than $11.0 billion, ITW is a leading manufacturer of highly engineered products including fasteners and components, specialty systems, equipment and a variety of consumable products. The Company employs over 47,500 people in 44 countries around the world.
Permatex is a leading manufacturer and distributor of premium branded specialty-chemical products sold in the automotive aftermarket and the industrial maintenance and repair market. The Company's product lines include adhesives and sealants, waterless hand cleaners, lubricants and cleaners, appearance and performance products, and other specialty maintenance and repair products. Permatex has annual revenues of approximately $120.0 million, employs 275 people and operates four facilities in North America. Permatex's specialty-chemical products are sold under a number of highly recognized and market-leading brands including Permatex, Right Stuff, Ultra Series, Fast Orange, No Touch, and NOS.
The Jordan Company, L.P. is a New York-based investment firm with approximately $2.5 billion of capital under management that has been sponsoring and investing in middle market leveraged buyout transactions for more than 20 years. Jordan and its affiliates currently have a portfolio of private equity investments representing more than $5.0 billion in annual revenue.